IMACEC

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The Monthly Economic Activity Index (Imacec) is an estimate that summarizes the activity of the different branches of the economy in a given month, at prices from the previous year; its inter-annual variation constitutes an approximation of GDP evolution. The calculation of the Monthly Economic Activity Index is based on multiple supply indicators, which are weighted by the share of economic activities in the previous year’s GDP.

The Monthly Economic Activity Index is published on the first business day of each month taking into account a lag of 31 days in relation to the month being measured. In addition to this, a breakdown is published which distinguishes mining from all other activities —mining and non-mining series—, as well as the series at factor cost. All series are presented in both original and seasonally adjusted figures.

Consistent with the established publication policy, the Monthly Economic Activity Index series are revised along with the quarterly and annual national accounts.

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July 2026's monthly indicator of economic activity, Imacec

According to preliminary information, the Imacec decreased 1.5% in July 2026, compared with the same month of the previous year (Table 1). The seasonally adjusted series decreased 1.7% from the previous month and 2.1% annually. The month had the same number of working days as July 2025.

The largest contributors to the Imacec decrease were mining, followed by services and manufacturing industries (Figure 1). Compared with the previous month, the decline in the seasonally adjusted Imacec was driven by a lower production in mining and services industries (Figure 2). The economic activity was negatively affected by adverse weather conditions.

The non-mining Imacec decreased 0.3% compared with the same month of the previous year, while the seasonally adjusted series fell 0.5% from the previous month and 1.0% annually.

Analysis by industry

1. Goods-producing industries

Goods-producing industries decreased 3.2% compared with the same month of the previous year. This result reflected a decrease in the mining sector, particularly in copper mining, due to lower ore grades, maintenance disruptions and adverse weather conditions. Manufacturing fell 3.1%, driven by declines in petroleum refining and chemical production, which were also affected by weather disruptions. Other goods-producing industries increased 3.4% due to the growth in electric power generation value added, driven by an increase in wáter availability.

The seasonally adjusted series for goods-producing industries decreased 3.4% from the previous month, mainly driven by the mining industry.

2. Wholesale and retail trade

Wholesale and retail trade grew 0.7%, compared with the same month of the previous year. This result was driven by an increase in retail trade that was partly offset by a decrease in wholesale trade. Major contributors to retail trade increase were sales of food and clothing in specialized stores and online sales. Wholesale trade decline reflected lower sales of construction materials. Sales and repairs of motor vehicles growth was driven by an increase in repair services that was partly offset by a lower volume of car sales. The seasonally adjusted series for wholesale and retail trade fell 1.4% from the previous month, driven by the wholesale trade, followed by sales and repairs of motor vehicles.

3. Services sector

Services-producing industries decreased 0.7% compared with the same month of the previous year. The largest contributors to the services decrease were personal services, business services, transportation and accommodation and food services. Personal services reflected a fall in education services due to weather disruptions.

The seasonally adjusted series for services-producing industries decreased 1.1% from the previous month, reflecting a decline in personal services.